GCC Electric Water Heater Market Analysis and Forecast, 2019-2028

The “GCC Electric Water Heater Market Analysis and Forecast, 2019-2028” report by RationalStat assesses the regional market based on type, capacity, application, distribution channel, and region. A detailed market analysis report provides an overall historical and future market size in terms of market value (US$ Million) and with a comprehensive market trend analysis (year-on-year growth). The market share analysis, growth of the water heating industry, an overview of the competition, strategic imperatives, plans and strategies, key application, potential growth driver, recent R&D of electric water heaters across the globe, and competition analysis for the target players evaluated in the GCC electric water heater market study.

Market Overview and Dynamics

The GCC electric water heater market was valued at US$ 2.2 billion in 2022 and is expected to grow at a robust growth rate of around 3.2% during the forecast period 2022-2028. The GCC electric water heater market is primarily driven by the rising disposable income of consumers and their shifting focus toward energy-efficient appliances.

The government initiatives and subsidies for electric appliances are anticipated to fuel the GCC electric water heater market growth, as the government looks forward to reducing the region's reliance on fossil fuels.

• The Kuwaiti government offers a number of incentives for the purchase of energy-efficient electric water heaters, including a tax rebate of up to 30% and a government-backed loan program.

Moreover, technological advancements in the electric water heater industry, such as smart, and IoT connected devices, are driving the GCC electric water heater market growth. Such features not only provide enhanced functionality, energy savings, and convenience but are also appealing to consumers and industrialists.

Market Drivers and Trends of the GCC Electric Water Heater Market

As the standard of living improves in the GCC region, there is a growing demand for modern amenities and comfortable living spaces. Electric water heaters offer convenience, reliability, and precise temperature control, aligning with the changing lifestyle preferences of consumers. This is anticipated to fuel the GCC electric water heater market demand in the upcoming years.

In addition, consumers in the GCC countries are becoming more aware of the benefits of electric water heaters, such as their energy efficiency, durability, safety features, and ease of installation. They are anticipated to create demand for reliable and efficient water heating solutions, contributing to the growth of the electric water heater market.

Segmental Analysis: GCC Electric Water Heater Market

• Based on application, residential and commercial segments hold a majority share of the GCC electric water heater market and are expected to continue their growth trajectory in the forthcoming years, as these segments are expected to create demand for electric water heaters.
• On the basis of sales channels, online sales channels are gaining traction, online shopping is more convenient and hassle-free from the customer perspective and requires significantly low marketing expenses as compared to offline sales channels.

Competition Analysis and Market Structure

The GCC electric water heater market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the electric water heater market are focusing on providing coverage for all kinds of liabilities that hamper routine activities of a firm after a cyberattack to provide to evolving consumer preferences.

Moreover, these players adopt various strategies to increase their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the GCC electric water heater market include, 

• In March 2023, AO Smith Corporation announced that it has acquired Reliance Water Heaters, a leading manufacturer of electric water heaters in the GCC region.
• In February 2023, Stiebel Eltron announced the launch of its new line of tankless water heaters in the GCC region.
• In January 2023, Haier Electronics announced a partnership with Emaar Properties to provide energy-efficient electric water heaters to its customers in the UAE.
• In December 2022, Thermex announced the launch of its new line of solar-powered electric water heaters in the GCC region.

Some of the key players operating in the GCC electric water heater market include A. O. Smith, Ariston Thermo Group, Bradford White Corporation, Rheem Manufacturing Company, VAILLANT Group, Delta, Carrier, Bosch, Hotpoint, Al Fayha, and Thermex among others.

RationalStat has segmented the GCC electric water heater market on the basis of type, capacity, application, distribution channel, and region.

• GCC Electric Water Heater Market Value (US$ Million), and Market Share (2019-2028) Analysis by Type
  • Tank
  • Tankless
• GCC Electric Water Heater Market Value (US$ Million), and Market Share (2019-2028) Analysis by Capacity
  • Small
  • Medium
  • Large
• GCC Electric Water Heater Market Value (US$ Million), and Market Share (2019-2028) Analysis by Application
  • Residential
  • Commercial
  • Industrial
• GCC Electric Water Heater Market Value (US$ Million), and Market Share (2019-2028) Analysis by Distribution Channel
  • Online/E-Commerce/Company’s Website
  • Offline
    • Brand Outlets
    • Supermarkets and Hypermarkets
    • Specialty Stores
• GCC Electric Water Heater Market Value (US$ Million), and Market Share (2019-2028) Analysis by Region
  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE

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